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Is "HouseHacking" still doable in OC, California under $400K??!!

ARRT, RT(R) / Rental Property Investor from Newport Beach, CA

posted over 1 year ago

I am looking to buy a property the first part of 2018, and I really want to find a house hack situation (close to all my workplaces), but I am not seeing any properties that are sub $400K to benefit from the hack. I can't see spending $1,700.00 a month (with the 2nd room rented out, maybe $1000.00?). I am leaning towards buying a Multi~Unit, as opposed to finding a "too~expensive" house hack situation.

The multifamily would be rented fully to tenants, I will still be living in Orange County. My monthly rent right now is ULTRA low.

(I am envious of the homes in certain other states for 50K, 75K, 100K,....CRAZY!!!)

I look forward to hearing from one and all members on this subject, and, as always, thank you much in advance!

So, buy a multifamily to fully rent out for my first property of 2018, or any suggestions on a "House Hack" in OC I am not seeing?

Property Manager/Investor from Orange, California

replied over 1 year ago

Sadly there is no 2+ unit inventory in OC under $400k, so House hacking won’t work with your budget. But if you’ve got ultra low rent, and you can qualify for a multi family investment purchase, I think that’s a great route for you. Continue to pay below market rent, save money, and begin building equity in your investment property.

ARRT, RT(R) / Rental Property Investor from Newport Beach, CA

replied over 1 year ago

Thank you, @Eric G. , really appreciate your input. Really, the only "anything" I found in OC that comes close to a "hackable" situation, is deep in the Santa Ana area. Prices are still crazy~high, but I don't think I want to pack a 9mm daily just to have a House~Hack. Many gangs in certain areas. No Bueno. :)

Yes, it looks like I will lean into Multi~Unit buildings. Now, the question is Triplex, Fourplex, 5~10 units?...

Specialist from San Diego, CA

replied over 1 year ago

@Daniel F. Harb you considered raising your purchase price a bit? You can maybe get a duplex (2bed/1bath) each side rent one side and you stay in the second side and rent out the second room? Might get you close to your current ‘low rent’ number possibly even with a duplex close to $600k. Best of luck.

Investor from Cleveland, Ohio

Thank you, @Eric G. , really appreciate your input. Really, the only "anything" I found in OC that comes close to a "hackable" situation, is deep in the Santa Ana area. Prices are still crazy~high, but I don't think I want to pack a 9mm daily just to have a House~Hack. Many gangs in certain areas. No Bueno. :)

Yes, it looks like I will lean into Multi~Unit buildings. Now, the question is Triplex, Fourplex, 5~10 units?...

Best to you, Eric, and thank you! $$$

Really? Anything over $400k is out of your budget, but you can still mention 5-10 units?

Just how big of a deposit/income do you have?

(Or, if you're including out-of-state, then this thread just joins the thousands of others)...

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